Is the Bottom in for Nakamoto Holdings (NAKA)? B. Riley Initiates Coverage with Buy Rating

B. Riley Securities has initiated coverage of crypto treasury companies, including Nakamoto Holdings (NAKA), and rates NAKA as a buy. The company's stock is down 94% since July 1 and 44% YTD, but B. Riley believes the multiple on net asset value should correct to the mean, boosted by accretive BTC purchases and potential partnerships. The bank estimates NAKA could appreciate to $2 by the end of 2026, assuming the company accumulates 18,000 BTC.